Stock Audit Basics & Checklist of Documents Required.
Posted Date : 03-Oct-2015 , 11:48:58 am | Posted By
CA. Niket Agarwal
What is a Stock Audit?
It is the physical verification of the inventory. However at times it may also include valuation of the inventory, this would depend upon the terms of reference or the engagement letter of the assignment.
Important thing to remember in a stock audit is the purpose ...
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Category : Auditing |
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Applicability of CARO-2015
Posted Date : 30-Jun-2015 , 01:41:43 pm | Posted By
MD TASLEEM AHMAD KARIMI
Introduction & Background
In Exercise of the power Conferred by Sub section 11 of Section 143 of the Companies Act, 2013 and in Supersession of the Companies (Auditor’s report) order, 2003, the Central Govt. after consultation with the Institute of Chartered Accountant of India make Com...
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Category : Auditing |
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What is Internal Audit?
Posted Date : 24-Apr-2015 , 05:59:19 pm | Posted By
Tanmay Srivastava
What is Internal Audit?
Internal Auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing systematic , disciplined approach to eval...
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Category : Auditing |
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Peer Review benefits for Practicing CA Firms
Posted Date : 08-Mar-2015 , 08:07:45 pm | Posted By
Vimmi
We, the Chartered Accountants Fraternity, are all aware of the peer review process undertaken by the Peer Review Board of ICAI for the practicing member. With recent development in the reporting requirement of the financial statements, the peer review exercise helps the members of the profession at ...
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Category : Auditing |
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Norms on eligibility, empanelment and selection of Statutory Central Auditors in Public Sector Banks
Posted Date : 24-Feb-2015 , 11:07:37 pm | Posted By
CA.Khurana Vivek
Norms on eligibility, empanelment and selection of Statutory Central Auditors in Public Sector Banks
(i) The auditing firm shall have a minimum 7 full time chartered accountants, of which at least 5 should be full time partners exclusively associated with the firm. The remaining 2 coul...
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Category : Auditing |
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Procedure for Appointment of Statutory Auditors in Public Sector Banks
Posted Date : 24-Feb-2015 , 11:00:03 pm | Posted By
CA.Khurana Vivek
PROCEDURE FOR APPOINTMENT OF STATUTORY AUDITORS IN PUBLIC SECTOR BANKS.
Statutory Central Auditors (SCAs)
1. The number of SCAs to be appointed in PSB will be as under:
i) Category “A” Banks (Large Banks viz. Bank of Baroda, Bank of India, Canara...
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Category : Auditing |
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Procedure for Conducting Concurrent Audit of Banks
Posted Date : 08-Feb-2015 , 04:21:57 pm | Posted By
Vimmi
Areas to be Covered
Bank Concurrent Audit is a kind of internal audit/ where auditor responsibility is to review and correct assign bank branch internal control system.
However compare to other internal auditing, concurrent audit is little different; in concurrent audit auditor seats in branch for...
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Category : Auditing |
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How to check Purchases
Posted Date : 22-Oct-2014 , 12:31:04 am | Posted By
Ankur Dudani
How to check Purchases in any organisation during Audit:-
Remember that during audit/auditing whatever document you take from client take his signature on the same basically its a approval from client side that we provided the document to auditor and the provided document discloses correct informat...
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Category : Auditing |
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MAJOR CHANGES IN NEW 3CD
Posted Date : 29-Jul-2014 , 09:59:52 am | Posted By
CA GOURAV MURARKA
1. Particulars of registration under excise, vat, iec, service tax etc to be given
2. Location(s) (address(s)) of keeping books of accounts to be given
3. Particulars of sale of Land/Building less than Stamp value to be given
4. Comparison of amount debited vis a vis amoun...
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Category : Auditing |
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How to Conduct Concurrent Audit of Banks
Posted Date : 22-Jul-2014 , 07:59:24 pm | Posted By
Vimmi
Areas to be Covered
Bank Concurrent Audit is a kind of internal audit where auditor responsibility is to review and correct assign bank branch internal control system.
However compare to other internal audit, concurrent audit is little different; in concurrent audit auditor seats i...
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Category : Auditing |
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Types of Audit under Companies Act
Posted Date : 15-Jan-2014 , 11:55:35 am | Posted By
Madhur Gupta
TYPES OF AUDIT UNDER COMPANIES ACT
Rajya Sabha recently passed the companies Bill 2012.The new legislation, which would replace the nearly 50-year old Companies Act, 1956 and would encourage companies to undertake social welfare voluntarily instead of imposing the social responsibility.Audi...
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Category : Auditing |
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Revised Guidelines for Appointment of Statutory Auditors in Public Sector Banks with effect from the year 2013-14
Posted Date : 13-Jan-2014 , 09:42:07 pm | Posted By
CA.Khurana Vivek
Based on the recommendations of a Working Group (WG) to review the norms for empanelment of statutory auditors for public sector banks and other related issues and after seeking the approval of GoI, it has been decided to revise the guidelines on appointment of statutory auditors in public sector ba...
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Category : Auditing |
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Impact of RBI Guidelines of Rs. 20 Crore for Statutory Branch Audit
Posted Date : 20-Oct-2013 , 08:33:58 pm | Posted By
ANKIT AGGARWAL
Analysis of Audited/Unaudited Bank Branches was done for the year 2012-13 to find out the impact of RBI guidelines in which Only nationalised banks of India whose advances are above Rs. 20 Crores were made subject to Bank Branch Audit.
After detailed analysis and...
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Category : Auditing |
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AUDIT REPORT FOR CA IPCC
Posted Date : 14-Oct-2013 , 07:10:27 pm | Posted By
Anurag Singal
AUDIT /AUDITING REPORT
Draft an illustrative Audit Report u/s 227 of the Companies Act, 1956, with a few qualifications. Annexure u/s 227(4A) is not required.
In this situation, we depict a case where the auditor was unable to obtain sufficient appropriate audit evidence regarding ...
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Category : Auditing |
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Audit Working Papers
Posted Date : 05-Oct-2013 , 08:07:12 am | Posted By
Anurag Singal
Audit Working Papers (M’10, N’11, M’07, and N’12)
Theme
If you haven’t documented, you haven’t performed
SA 230 “Audit Documentation (N’08)
Utility:
· Document the Natur...
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Category : Auditing |
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Audit Trail in EDP Audit_CA IPCC
Posted Date : 05-Oct-2013 , 08:03:19 am | Posted By
Anurag Singal
Audit Trail in EDP (N’04)
Audit is doable if one can relate ‘one-to-one’ basis, the original input along with the final output
a) In some situations, output is as complete and as detailed as in any manual system.
E.g. Detailed calculations, casts, postings etc for Credit Notes ...
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Category : Auditing |
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Preparation Strategies for Auditing & Assurance -CA IPCC Paper 6
Posted Date : 01-Oct-2013 , 11:50:03 am | Posted By
Anurag Singal
Instead of giving you a blanket statement “Study hard” etc, I though would give you more strategic insights. There is no assurance that the strategy I enumerate would necessarily work for you in the Auditing paper. However given my past experience of coaching students and authoring Audit...
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Category : Auditing |
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Appointment of Auditor Under New Companies Bill, 2013
Posted Date : 26-Aug-2013 , 04:22:15 pm | Posted By
Keshav Kumar KC
Appointment of Auditor under new Companies Bill, 2013 (Companies Act)
The appointment of auditor under new Companies Bill, 2013 has made major changes in appointment procedure and tenure of appointment in comparison to the Companies Act, 1956. Section 224 to 233 of the Companies Ac...
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Category : Auditing |
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Cost Accountant linking Internal Audit through Balanced Scorecard
Posted Date : 25-Aug-2013 , 06:33:42 pm | Posted By
INDRANEEL SEN GUPTA
Four pillars of the balanced score card have been discussed many times through my pen. Balanced score card needs to be linked with the enterprise value of the organization. Enterprise valuation means in simple formula
Enterprise value = Equity value + market value of debt + minority interes...
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Category : Auditing |
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Audit committee
Posted Date : 25-Jun-2013 , 02:49:21 pm | Posted By
Vikash Kumar Jha
Audit committee
The requirements for the execution of the clause 49 can be categorized into mandatory and non-mandatory requirements and the Audit Committee is one of the mandatory requirements.
The audit committee should consist of minimum three directors. Out of which two thirds are indepen...
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Category : Auditing |
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